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Comments made by felicia

Foreclosures Increase, Defaults Down

My husband and I have owned our home in Scripps Ranch since 1994 so it is not a problem. However, we purchased a single family home in a lovely Temecula neighborhood in 2006 for my father in law to live in (transplanted from Michigan and then recently widowed). He lived in the house for one year and then died in 2007. We spent the better part of a year trying to sell it and then gave in to idea that we would rent it. So now we have renters but every month is a loss for us. We have three young children ages 11 and 6 year old twins. Our 11 year old has autism. Needless to say, we have lots of expenses and the drain each month from the Temecula house is not letting up. The house is worth less than half of what we bought it for. Should we walk away from it and just cut our losses? Should we sell it on short sale? Or just pocket the rent and not pay the mortgage like several of your callers mentioned hearing about this morning? It's a real conundrum.

April 23, 2010 at 12:24 p.m. ( | suggest removal )